(a) There is hereby established the City of Carmel Cumulative Building Fund for Municipal Sewers.
(b) An ad valorem property tax levy will be imposed and the revenues from the levy will be retained in the City Cumulative Building Fund for Municipal Sewers.
(c) The maximum rate of levy under subsection (b) will not exceed the highest rate of levy allowed by Indiana law.
(d) The rate of levy shall be determined each year by the Council and shall be approved, advertised, and adopted in the same manner as other tax levies are approved, advertised, and adopted.
(e) The funds accumulated in the City Cumulative Building Fund for Municipal Sewers will be used for the planning, erection, remodeling, extension and repair of storm sewers; to construct relief sewers and drains in aid of the storm sewers; the payment of the City's part of the costs of any public storm sewer or drainage project that lies partly or wholly within the City and aids or is connected to the drainage system of the City.
(f) Notwithstanding subsection (e) above, funds accumulated in the City Cumulative Building Fund for Municipal Sewers may be spent for purposes other than the purposes stated in subsection (e), if the purpose is to protect the public health, welfare or safety in an emergency situation which demands immediate action. Money may be spent under the authority of this subsection only after the Common Council issues a declaration that the public health, welfare and safety is in immediate danger that requires the expenditures of money in the fund.
(`91 Code, § 2-94) (Ord. D-1152, 7-17-95; Ord. D-1641-03, § 2, 7-29-03; Ord. D-2067-11, 11-7-11)